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Wednesday, 23 October 2019


Section 80EE - Deduction on Home Loan Interest

Tax deduction under Section 80EE of the Income Tax Act 1961, can be claimed by first-time home buyers for the amount they pay as interest on the home loan. The maximum deduction that can be claimed under this section is Rs. 50,000 during a financial year. The amount can be claimed over and beyond the deduction of Section 24 and Section 80C, which are Rs. 2,00,000 and Rs. 1,50,000, respectively.

Tuesday, 22 October 2019

Section 87A provides an income tax rebate to a resident individual having prescribed income. This rebate is also available to senior citizens. However, for a Super Senior Citizens, this deduction becomes irrelevant.

Monday, 21 October 2019


As per the Finance Budget 2019, some Important Income Tax Section and Income Tax Rebate have changed. The Major modification including the Income Tax Slab Rate for the F.Y. 2019-20 is given below.

Sunday, 20 October 2019


The maximum tax exemption limit under Section 80C has been retained at Rs 1.5 Lakh only. The various investment avenues or expenses that can be claimed as tax deductions under section 80c are as below;

Saturday, 19 October 2019


From the F.Y 201718 the medical allowance of up to Rs 15,000 was exempted income from your Gross salary. To claim this, you had to submit medical bills to your employer and get the allowance benefit. The medical reimbursement allowance was exempted under Section 10 of the Income Tax Act.

Friday, 18 October 2019


From the F.Y 201718 the medical allowance of up to Rs 15,000 was exempted income from your Gross salary. To claim this, you had to submit medical bills to your employer and get the allowance benefit. The medical reimbursement allowance was exempted under Section 10 of the Income Tax Act.

Thursday, 17 October 2019


WHO ARE NOT GET HOUSE RENT FROM HIS EMPLOYER, HE CAN CLAIM HOUSE RENT EXEMPTION U/S 80GG
Section 80GG
The tax Deduction amount under 80GG is Rs 60,000 per annum. Section 80GG is applicable to all those individuals who do not own a residential house & do not receive HRA (House Rent Allowance).